Joint Venture – Shipping Joint Venture among Euroseas Ltd., Eton Park and Rhône

 

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of container carrier and drybulk vessels, entered into a joint venture (the “Joint Venture”) with companies managed by Eton Park Capital Management, L.P. (“Eton Park”) and an affiliate of Rhône Capital III L.P. (“Rhône”), two recognized private investment firms, to form Euromar LLC, a Marshall Islands limited liability company (“Euromar”).  Euromar will acquire, maintain, manage, operate and dispose of shipping vessels.  Pursuant to the terms of the Joint Venture, Euroseas will invest up to $25 million, while Eton Park and Rhône will each invest up to $75 million for a total of $175 million.

A Seward & Kissel team led by partners Larry Rutkowski and Craig Sklar and associates Kassandra Savicki and Jonathan Stoian represented Euroseas in the transaction.